H.E Vladimir Putin, Hon’ble President of Russian Federation and Hon’ble Prime Minister of India, Shri Narendra Modi graced the ‘World Diamond Conference’ scheduled at Vigyan Bhawan on December 11, 2014. The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of gems and jewellery trade in India, in association with the Ministry of Commerce and Industry, GOI and World Diamond Mark Foundation (WDMF) organized the first ever-global congregation of Diamond leaders in India at the World Diamond Conference.

Shri Narendra Modi, Prime Minister of India, announced the acceptance of the industry’s proposal for a Special Notified Zone that will help miners bring roughs on consignment basis display and book orders from local buyers. GJEPC proposed to conduct weekly auctioning of rough diamonds in collaboration with Bharat Diamond Bourse (BDB) at Mumbai. The main objective is to provide producers direct access to Indian market and vice versa. India cuts & polishes more than 90 per cent of rough diamonds in terms of carats and more than 70 per cent in terms of value.

At the World Diamond Conference India, Russia’s Alrosa finalized three-year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Mr. Illya Raschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. The 12 companies selected as clients of the Russian miner include Rosy Blue, Diamond India Ltd, Jasani, KiranGems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star. During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three-year period will reach US$ 2.1 billion. This represents a massive five-fold hike in the current direct supplies of rough from Alrosa to India and will provide a huge boost to the Indian manufacturers.

Commenting on GJEPC’s landmark initiative for global diamond trade, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “India, which is the major diamond polishing hub, and Russia, which is poised to spend significantly in diamond exploration in the future, are Natural Diamond Partners and expected to gain enormously with the direct partnership proposal accepted by our Prime Minister today. The visit of H.E. Vladimir Putin, Hon. President of Russian Federation to India during the World Diamond Conference is of great significance and we are grateful that the GOI has accepted our proposals for Direct Sourcing and a Special Notified Zone in India”.

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